Asset manager BlackRock recently filed a Bitcoin ETF application with the SEC. The procedure had such a positive impact that many analysts see the bitcoin (BTC) market exploding. In the meantime, the procedure initiated by BlackRock seems to have a more important objective, in the short term.
Democratizing cryptos, reason for BlackRock’s Bitcoin ETF request?
BlackRock’s recent foray into the crypto market had a purpose. That of allowing the exposure of institutional investors to bitcoin (BTC). In a recent interview, however, company CEO Larry Fink admitted a deeper ambition. That of broadening the accessibility of investments, including those in cryptos, to a wider audience.
The boss explains that BlackRock’s objective is in fact to democratize investment, including those in cryptos. In other words, the company wants to eventually make crypto investing accessible to all citizens, regardless of their status. A goal, the achievement of which would be a matter of responsibility for the company.
“We believe it is our responsibility to democratize investment. We have done a good job and the role of ETFs in the world is transforming investing. And we are only at the beginning, said Larry Fink on Squawk on the Street.
The boss’s opinion brings a fresh look at the Bitcoin ETF application filed by the company he runs. Above all, it reinforces his change of position on an asset he has long criticized. An asset offering so many prospects to traditional finance that BlackRock can no longer afford to ignore its potential.
During the interview, Larry Fink was also convinced of the alternatives offered by cryptos in terms of portfolio diversification. For many analysts, the involvement of a financial behemoth like BlackRock in the crypto market is certainly a positive sign.
For the time being, it is not certain that the company will obtain the green light from the SEC to manage an ETF on bitcoin. But, it is obvious that the company’s enthusiasm for crypto activities is a positive signal that could change the dynamics of the sector.
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